NO.PZ2016031201000015
问题如下：
Arbitrage opportunities exist when:
选项：
A.two identical assets or derivatives sell for different prices.
B.combinations of the underlying asset and a derivative earn the risk-free rate.
C.arbitrageurs simultaneously buy takeover targets and sell takeover acquirers.
解释：
A is correct.
Arbitrage opportunities exist when the same asset or two equivalent combinations of assets that produce the same results sell for different prices. When this situation occurs, market participants would buy the asset in the cheaper market and simultaneously sell it in the more expensive market, thus earning a riskless arbitrage profit without committing any capital.
B is incorrect because it is not the definition of an arbitrage opportunity. C is incorrect because it is not the definition of an arbitrage opportunity.
中文解析：
套利指的是不花自己一分钱且不承担任何风险的情况下可以获得收益。
A选项：当产生相同结果的同一资产或两种等价资产组合以不同价格出售时，就存在套利机会。当这种情况发生时，市场参与者会在价格较低的市场买入资产，同时在价格较高的市场卖出资产（低买高卖），从而在不投入任何资金的情况下获得无风险的套利利润。
B选项的翻译及为何错误
